Allen Iverson and other riches-to-rags celebrities

Meagan Morris is an entertainment and lifestyle journalist living in New York City. In addition to SheKnows, Morris contributes to many publications including The New York Times, Yahoo! News, PopEater, NBC New York and Spinner. Follow he...

Allen Iverson is broke

NBA star Allen Iverson might be broke, but he can take solace that plenty of other rich celebrities lost all their cash, too.

It turns out that diamonds aren't forever — especially if you can't pay for them. Former Philadelphia 76ers star player Allen Iverson is reportedly broke after a judge seized his bank account to pay an $860K debt to a jeweler, according to Yahoo! Sports.

It sounds like a big amount of money, but it really wasn't when you consider how much he made during his NBA career: $154 million.

The baller might be headed to play in Puerto Rico to make some cash, though he claimed in 2011 that he still has a lot of money.

"I would be a damn fool to blow that much money and have five kids to take care of. One thing I do have, and I can say, is that I do have money. A lot," he told ESPN last year.

Sadly, Iverson isn't the only celebrity to go from rags to riches to rags again.

Ed McMahon

Iconic Tonight Show sidekick Ed McMahon entered the twilight years of his life with plenty of legal troubles. The friend of Johnny Carson faced foreclosure on his $4.8 million home in California after he fell behind $644,000 in payments.

"Well, if you spend more money than you make, you know what happens. And it can happen. You know, a couple of divorces thrown in, a few things like that. And, you know, things happen," he told Larry King in 2008. "You want everything to be perfect, but that combination of the economy, I have a little injury, I have a situation. And it all came together."

Gary Coleman

Pint-sized Gary Coleman once earned upwards of $100,000 for each episode of Diff'rent Strokes. However, his parents reportedly squandered his cash, leaving him broke. He passed away in 2010, but his finances and fighting between his wife and parents left his body in limbo for months after his death.

Mike Tyson

Champion boxer Mike Tyson was known for his lavish lifestyle during the height of his career. Iron Mike once spent thousands on his stable of tigers and extravagant homes. Over the years, legal fees and his lifestyle caught up with him and he's "totally destitute."

"No, I'm totally broke. I had a lot of fun. It [going broke] just happened," the reality star told the ladies on The View in 2010. The boxer reportedly earned $300 million throughout his career, but gave $13.4 million to the IRS and $9 million to his ex-wife, Monica Turner.

Still, he has a better outlook on life today, complete with a vegan lifestyle.

"I'm very grateful. I don't deserve to have the wife that I have; I don't deserve the kids that I have, but I do, and I'm very grateful."